ARS Investment Partners LLC decreased its position in shares of Cleveland-Cliffs Inc. (NYSE:CLF – Free Report) by 31.8% in the fourth quarter, HoldingsChannel reports. The firm owned 242,627 shares of the mining company’s stock after selling 113,068 shares during the quarter. ARS Investment Partners LLC’s holdings in Cleveland-Cliffs were worth $3,222,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in CLF. Strengthening Families & Communities LLC grew its position in shares of Cleveland-Cliffs by 4,315.6% during the third quarter. Strengthening Families & Communities LLC now owns 1,987 shares of the mining company’s stock valued at $25,000 after purchasing an additional 1,942 shares in the last quarter. Larson Financial Group LLC grew its position in shares of Cleveland-Cliffs by 819.2% during the third quarter. Larson Financial Group LLC now owns 2,684 shares of the mining company’s stock valued at $33,000 after purchasing an additional 2,392 shares in the last quarter. Deseret Mutual Benefit Administrators grew its position in shares of Cleveland-Cliffs by 72.6% during the third quarter. Deseret Mutual Benefit Administrators now owns 2,768 shares of the mining company’s stock valued at $34,000 after purchasing an additional 1,164 shares in the last quarter. Westfuller Advisors LLC purchased a new position in shares of Cleveland-Cliffs during the third quarter valued at about $68,000. Finally, JPL Wealth Management LLC bought a new position in shares of Cleveland-Cliffs in the 3rd quarter valued at about $72,000. Hedge funds and other institutional investors own 67.68% of the company’s stock.
Cleveland-Cliffs Stock Down 5.9%
Shares of NYSE:CLF opened at $10.29 on Friday. The company has a current ratio of 2.02, a quick ratio of 0.64 and a debt-to-equity ratio of 1.29. Cleveland-Cliffs Inc. has a 12 month low of $5.63 and a 12 month high of $16.70. The company has a 50-day moving average price of $9.39 and a 200 day moving average price of $11.41. The company has a market cap of $5.87 billion, a price-to-earnings ratio of -4.40 and a beta of 2.00.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on CLF shares. Wells Fargo & Company lowered their price target on shares of Cleveland-Cliffs from $12.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday, March 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cleveland-Cliffs in a report on Friday, April 24th. Glj Research reaffirmed a “sell” rating and issued a $9.42 price target on shares of Cleveland-Cliffs in a report on Monday, March 16th. KeyCorp started coverage on shares of Cleveland-Cliffs in a report on Wednesday, March 25th. They issued a “sector weight” rating for the company. Finally, Morgan Stanley lowered their price target on shares of Cleveland-Cliffs from $16.80 to $12.00 and set an “overweight” rating for the company in a report on Tuesday, April 21st. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $11.77.
Get Our Latest Stock Report on CLF
Insider Transactions at Cleveland-Cliffs
In other Cleveland-Cliffs news, COO Clifford T. Smith sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $10.46, for a total value of $2,092,000.00. Following the completion of the sale, the chief operating officer owned 560,529 shares of the company’s stock, valued at $5,863,133.34. This trade represents a 26.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.95% of the stock is currently owned by insiders.
About Cleveland-Cliffs
Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.
The company’s integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.
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